Apr 02, 2023 11:13 a.m.

Morning Briefing - 31 January 2023

CommoPlast CommoPlast Asia Sdn Bhd
Morning Briefing - 31 January 2023
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Morning Briefing

31 January 2023

 

Brent:  $84.90 (- $1.76)

WTI: 77.90 (- $1.78)

 

Naphtha CFR Japan: $700 (- $12)

 

Ethylene CFR NEA: $780 (Stable)

Ethylene CFR SEA: $840 (Stable)

 

Propylene FOB Korea: $900 (+ $30)

Propylene CFR China: $930 (+ $30)

 

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The Chinese PP and PE market resumed trading following the weeklong Lunar New Year holiday on a strong note, extending the bullish sentiment prior to the break. Purchasing activities, however, remain relatively mediocre as many manufacturers have yet to come back.

Spot homo-PP rose by CNY100/ton ($15/ton) while LLDPE film increased by CNY50/ton ($7/ton).

Throughout the holiday, the total PP and PE stocks at key domestic producers’ warehouses built up 330,000 tons to 840,000 tons, which are much lower than the usual 1 million tons-plus levels at this time of the year. The low stock pressure is likely to encourage Chinese sellers to hold firm on both local and export prices in the near term.

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In Vietnam, there was mixed movement in new import homo-PP offers on the first trading day of the week. While Thailand materials rose $100/ton to $1300/ton CIF Vietnam, deals for a couple of other origins were achieved at below the $1100/ton threshold. 

Demand in Vietnam is weak. While sellers are leveraging the bullish sentiment overseas, many Vietnamese converters have not seen any significant improvement in end-product demand, hence, refrain from chasing after the prices.

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